As part of the plan to acquire Vinh Sang Tourist Area, this transaction aims to increase BenThanh Tourist branch’s initiative in Vinh Long while bringing long-term profits to the company, based on the resolution of the 2024 Annual General Meeting of Shareholders.
Accordingly, the Board of Directors of BenThanh Tourist has implemented a plan to purchase 100% of the shares of Vinh Sang Trading – Service – Tourism Company Limited (referred to as Vinh Sang Company) since June 2024. The capital source is from equity or borrowed capital.
According to the business registration information, Vinh Sang Company was established in 2005, with its head office located in An Binh commune, Long Ho district, Vinh Long province. The company’s charter capital is VND 11 billion. The legal representative is Mr. Cao Van Tung (born in 1973) – Director of Vinh Sang Company.
Vinh Sang Tourist Area is located at the tip of An Binh islet, along the Co Chiên river, opposite My Thuan bridge, belonging to group 14, An Thuan hamlet, An Binh commune, Long Ho district, Vinh Long province. With an area of about 2.2ha, Vinh Sang is a vast natural garden with a system of interconnected canals and diverse fruit trees, characteristic of the Western water garden space of the Southern region.
Vinh Sang Tourist Area from above. Photo: Internet
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In the second quarter of 2024, BenThanh Tourist owned 6 directly affiliated units and 3 joint venture companies, including Ben Thanh Phu Xuan Tourism Company Limited; Ben Thanh Dong Khoi Boutique Hotel Company Limited and Phong Lan Apartment Rental Company Limited.
In terms of business results, BenThanh Tourist’s reviewed semi-annual financial statements for 2024 showed a 17% decrease in net profit compared to the self-prepared report, falling to below VND 13 billion, almost unchanged from the same period in 2023.
The company said that the difference was due to an increase in financial provision expenses of VND 555 million and the recognition of VND 2.2 billion in current corporate income tax expenses for the first half of 2024 in the financial statements.
In 2024, the company set a target to eliminate accumulated losses. The accumulated loss at June 30, 2024 decreased to more than VND 17 billion, compared to a loss of nearly VND 30 billion at the beginning of the year, as a result of losses in the 2020-2021 period (due to the impact of COVID-19).
| BenThanh Tourist’s business results in the past 5 years |
In the stock market, BTV shares suddenly “surfed” from the beginning of July, bringing the market price from the region of VND 10,000/share to VND 14,400/share in the session of July 12, the highest in the past 17 months, an increase of 44% in 2 weeks of trading.
At the same time, millions of BTV shares were “handed over” in 2 trading sessions on July 05 and July 09. These were all the shares of Mr. Nguyen Phuoc Bao Anh – Member of the Board of Directors and Vice President of BenThanh Tourist has registered to divest.
In particular, Mr. Bao Anh reported that he had sold more than 2.33 million BTV shares by agreement, holding 9.35% of capital, from July 05-09. The total value was VND 23.3 billion, averaging VND 10,000/share. After the transaction, he no longer holds BTV shares.
Thus, BenThanh Tourist has 2 major shareholders, namely Ben Thanh Corporation (Benthanh Group), holding 41% of capital, and An Phu Joint Stock Company holding 10.66%.
| Price movement of BTV shares since the beginning of 2024 up to now |
